Economic Development

City Planning

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Mayor Hancock Proposes Investment in Downtown Core

Mayor Hancock Proposes Investment in Downtown Core

DENVER – Mayor Michael B. Hancock today proposed strategic investments in six downtown Denver projects that will bring new vitality to the city’s core and generate significant revenue.
The Mayor requested that the Denver Urban Renewal Authority leave the existing tax increment financing area open in downtown until its expiration and invest the funds in several projects poised to have a transformational impact on Denver. The majority of the tax increment expires in 2017 and is projected to total $60-$70 million.
“As the core of the capital city and our No. 1 tourist attraction, a strong downtown serves the entire Denver metro region, anchoring the community and providing endless employment and entertainment options,” said Mayor Hancock. “It’s critical that we focus investment in this area to ensure it remains prosperous, solidifying our downtown’s role as the economic center of the Rocky Mountain West.”
Downtown Denver covers approximately 1,800 acres and is home to more than a quarter of all Denver jobs, as well as 17,000 residents. All told, the area presently generates over $34 million annually in city sales tax revenue.
In a letter submitted to DURA yesterday, Mayor Hancock proposed adding the following projects to the Downtown Urban Renewal Plan:Bringing a public school into downtown.Rebuilding and enhancing the 16th Street Mall to ensure sustainable growth.Bringing to downtown additional parking and a grocery store to serve community needs.Developing a new downtown park to support the vision of the Downtown Master Plan.Bringing to downtown a large retail store.Addressing homeless facility needs in the downtown area.
These projects will significantly enhance the major redevelopment projects underway in downtown that are expected to lead to over a billion dollars in new economic impact and tens of thousands of new, permanent jobs.
The Mayor recently released a strategic blueprint for driving more than 100,000 jobs, generating $5.4 billion of economic benefit, and transforming the Denver metro region for decades to come through intentional development of three primary areas, including downtown.
“This proposed plan for downtown Denver will promote new business and residential development in the area while enhancing this progressive environment to better attract intellectual capital, encourage innovation and support smart growth,” the Mayor said.
Next, the Mayor’s proposal will go to the DURA board and the Denver City Council for review.